Royal Bank Invest Pension

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You must be over the age of 18 and under the age of 75 and be a UK resident for tax purposes. You cannot make contributions if you are a US citizen or US Green Card holder. You cannot access your pension benefits before the age of 55. Over longer periods of time (five years or more), investments such as stocks, shares and funds have the potential to give you higher returns compared to cash savings. But the value of investments can fall as well as rise. There is a chance you may get back less than you put in. Eligibility criteria, fees and charges apply. When transferring any existing pensions, exit fees may apply.

You could win £20,000 when you invest with Royal Bank

For every £50 you invest in a Royal Bank Stocks and Shares ISA, you’ll get one entry into the prize draw. The more you invest, the more chances you have to win!

For a chance to win first prize of £20,000, 10 prizes of £1,000 or 200 of £100. Enter between 12th January and 30th April 2026.

T&Cs, fees and charges apply.

See the offer

Why a Royal Bank Invest Pension?

Start from £50.
Transfer existing pensions for a clearer view of your retirement fund.
Investments managed by experts at Coutts.
Low fees, so you keep more of your money.
Instant tax relief on what you pay in (limits apply).
Interactive tool to help you plan for retirement.

How it works

Select the amount
Choose the amount you want to put away each month towards your pension. Get instant tax relief on what you pay in (limits apply). If you have any existing pensions, select the pension(s) you’d like to transfer.
Choose your risk level and review fund projections
Five ready-made funds to match your retirement goals and investment style. You’ll also learn how your investment could perform over time to help choose the right fund for your retirement goal.
Transfer your existing pension (s) or pay into your pension
You can make one-off contributions and set up monthly payments. If you have any existing pensions, you can transfer them by providing your pension reference numbers. Your existing provider might charge fees for the transfer.

Tax reliefs referred to are those applying under current legislation which may change. The availability and value of any tax reliefs will depend on your individual circumstances.

Looking to start a pension?

Opening a pension could help you plan for your retirement.

Starting a pension is a tax efficient way to prepare for retirement. Beginning this journey sooner rather than later could mean more cash for you later in life.

Start from £50 and add to it with a lump sum or regular monthly payments. It’s quick and easy to set up, you will need your national insurance number to begin.

Ready to open a Royal Bank Invest Pension?

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Already have a pension?

Multiple jobs throughout your career could mean multiple pension pots.

Managing multiple pensions in one place could make it easier to plan for the future.

You could transfer your existing pension(s) to us by providing your pension reference numbers which you will be able to find on a recent statement or pension portal. You can also make lump sum or regular monthly payments.

Your existing provider might charge fees for the transfer.

Transfer your pension

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How much does it cost to invest with us?

Your fees will be 0.55% of your investment or less. That’s 55p for every £100 of your investments. This 55p covers the following:

Platform fee

The maximum you’ll pay is 0.15%. That’s 15p for every £100 of your investments.

This covers the cost of admin and online access to your Royal Bank Invest account.

We take this payment at the end of every quarter (that’s March, June, September and December).

Fund fee

The maximum you’ll pay is 0.40%. That’s 40p for every £100 of your investments.

This covers the cost of managing your investment.

The fund fee is taken directly from the fund by the fund manager. It's made up of an annual management charge averaged out over the year and taken on a daily basis.

Transaction costs

There are also costs for buying and selling within your investment - these are called transaction costs. Based on actual past costs, the highest costs for any of the available funds will be 0.07% of the value of the fund each year. These costs will be taken directly from the fund.

Forecast your Royal Bank Invest Pension

If you're a Royal Bank Invest customer with a Personal Pension, our Pension Planner tool gives you a personalised forecast based on your current Royal Bank Invest Pension plan. You can also explore how different choices might impact your retirement by adjusting key factors such as:

Your retirement age
Monthly contributions
Lump sum payments
Fund choice
Market conditions

It’s a simple, interactive way to help you understand your pension and explore what your future could look like.

The values produced are only forecasts and not a guarantee of a set return.

Frequently asked questions

What is the Royal Bank Invest Pension?

The Royal Bank Invest Pension is designed to help you plan for your future by investing for your retirement in a tax-efficient way.

Your money is looked after by a team of experienced investment managers at Coutts and co. Embark provides and operates your pension.

If you are employed, you should consider whether it would be better for you to join your employer’s pension scheme if you haven’t done so already.

Who is eligible to invest in a Royal Bank Invest Pension?

You must be over the age of 18 and under the age of 75 and be a UK resident for tax purposes. You cannot make contributions if you are a US citizen or US Green Card holder.

Who can contribute to my Royal Bank Invest Pension?

Only you can make contributions to your Royal Bank Invest Pension. Employers and other third parties are not permitted to make contributions.

How will my pension be protected?

Your investments would be protected even if Royal Bank failed. The underlying assets within each of the Personal Portfolio Funds available through your Royal Bank Invest Pension are held separately from Royal Bank by an independent company called a depositary, which is authorised by the Prudential Regulation Authority (PRA) and dual-regulated by the PRA and Financial Conduct Authority.

This company, the Bank of New York Mellon (International) London Branch, keeps the Personal Portfolio Funds’ underlying assets safe and holds them separately from its own.

Additionally, the Personal Portfolio Funds are based in the UK and so are covered by the UK Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000 per person.

Can I take money out of the Royal Bank Invest pension?

Yes, but not until you are age 55. This is expected to increase to age 57 from 2028. The Royal Bank Invest Pension allows you to either:

Withdraw all your pension savings as a one-off payment. Some will be tax free. The rest may be taxable depending on your circumstances.
Use the money to purchase an annuity and take anything left over as a one-off payment.

If you want to access your pension differently, for example through flexible drawdown, you can transfer your pension to another scheme.

Can I transfer my existing pension into a Royal Bank Invest Pension?

Yes you can, but please consider any special features or conditions with your current pension before doing so.

Special features your pension might have which you'll lose if you transfer it to us include:

Guaranteed annuity rates
Waiver of premium benefit
Guaranteed rates of return or income in retirement
Tax free cash over 25%
Access to your pension pot before age 55

Conditions that might reduce your transfer amount:

You're invested in a with profits fund and a 'market value reduction' is applied before the transfer
Your pension provider makes a charge for the transfer

Where can I find more information about recent Royal Bank Invest offers?

The cash reward and prize draw offers took place between 4th September 2023 and 4th March 2024. You can find the terms and conditions for each offer below:

Cash reward full terms and conditions (PDF, 63KB)

Prize draw full terms and conditions (PDF, 58KB)

What happens if I die?

What happens if I die before the age of 75?

If you die before age 75, the value of your pension investments may be paid to your beneficiaries as a lump sum. The benefits will normally be tax-free as long as they are paid within two years of your death.

If the total value of all of your pension pots, including the Royal Bank Invest Personal Pension Account, exceeds your Lifetime Allowance, your beneficiaries may have to pay an additional tax charge.

What happens if I die after age 75?

If you die after age 75, the value of your pension can still be passed to your beneficiaries. This will be subject to income tax, and you will need to refer to the relevant bandings and charges for the applicable tax year.

Learn more about investments

Whether you’re an experienced investor or just finding out what investing is, we’ve got a range of articles to help you understand more about investing.

We regularly update our articles depending on what’s happening in the market so check back for future updates.

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